While Lehman’s canned CFO Erin Callan is moving on to Credit-Suisse, demoted COO Joseph Gregory is literally moving. Well, sort of. He and his wife are selling their $32.5 million home in the Hamptons.

(No big loss: they’ve only spent 14 days there.)

Newsday: Public records indicate that Joseph Gregory, who until last month served as president and chief operating officer of Lehman Brothers, has listed his eight-bedroom, 8 ½-bath oceanfront home in Bridgehampton for $32.5 million. The 8,000-square-foot, 2-year old mansion sits on 2.5 acres, with 200 feet of beachfront. Amenities include a 50-foot pool with a spa, two master suites and six ensuite bedrooms, a conservatory, and a second-story salon for entertaining.

Gregory and his wife, Nikki, live in Lloyd Harbor and are known for their many philanthropic works on Long Island. He is vice chair of the board of trustees of Hofstra University, his alma mater.

[Corcoran’s Michael] DeSario [who has the listing] said that the home is in “impeccable condition” and that the current owners had purchased the home new, later adding at least $2 million in upgrades. They are selling the property since they have not been able to use the home as often as they originally intended, and in fact may have only stayed there a total of 14 days since purchasing.

Some pictures from Corcoran’s listing are below, in case you deftly avoided the subprime collapse and are looking for a summer house.